Pension Reform Ballot Initiatives Postponed
Sacramento, CA — Proponents of two ballot measures calling for pension reforms have scrapped plans to put them before voters this year.
Instead, former San Jose Mayor Chuck Reed and former San Diego Councilman Carl DeMaio will try to qualify them for 2018, when they feel there will be a more favorable political environment.
The first proposal would require voter approval before issuing pensions to new workers after 2018. It is designed to require voters to sign off on long term liabilities, and in turn create more transparency. The second would limit the government to only pay up to 50% of new employees retirement benefits. Labor unions were expected to heavily oppose the ballot measures.
The state has an estimated $220-billion in unfunded pension liabilities.
